Deal for $200mln pharma products firm makes it six for Amethis Fund II

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Capping a busy three weeks, Amethis announced the acquisition of a minority stake in a distributor and manufacturer of pharmaceuticals and healthcare consumable products with revenues of $200 million. The Africa-based private equity firm adds Avacare Global as the sixth company to the second fund’s portfolio, Amethis Fund II, which closed with €375 million or approximately $425 million in June 2019.

How much Amethis paying for the minority stake had not been disclosed as we went to press, but Amethis Fund II’s investment strategy typically targets deals sized between $10 million and $45 million in the businesses it backs. Avacare will use the capital to expand its manufacturing capacity, broaden its product offering and expand its business into new markets in Africa, including francophone countries where Amethis has strong connections and business networks. The fund will also work with Avacare on improving the company’s corporate governance processes.

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